Under Pennsylvania law, the proper terms for the persons in charge of your Estate Planning documents are “fiduciaries” and I refer to these people – those in charge – as the “Bosses.”

Each boss has powers (which are discussed in Pa Estate Law – Powers (5-8)).

Pa Estate Law – 6 – Traits

Notable is the fact that these bosses need to possess certain traits or characteristics in order for that document to be as effective as possible.

I have experienced that two traits should be inherent in all of the bosses of all four of the documents:

Ability

Willingness

Although the bosses of each of the documents should also possess additional traits for that particular document to be effective (all of which shall be addressed in “Pa Estate Law – Documents (7-8),” unless your boss is “able” and “willing” to act on your behalf, your desires and wishes may not be followed.

Under Pennsylvania law, the proper terms for the persons in charge of your Estate Planning documents are called your “fiduciaries” and I refer to these people – those in charge – as the “Bosses.” Each boss has powers, and these powers can be summarized very simply.

Pa Estate Law – 5 – Powers – Summary

Agent (under a Power of Attorney) can help manage all of your affairs.

Surrogate (under an Advance Directive for Health Care) can execute your end of life decisions.

Executor (under a Will) can administer your Estate.

Trustee (under a Trust) can monitor and manage your Trust.

Pa Estate Law – 5 – Powers – Note

Again, and although a technical knowledge of the parameters of these various powers can be useful, it is not the point of this article. The focus is to illustrate that an Agent, a Surrogate, an Executor, and a Trustee can generally possess broad powers to act for you under that respective document.

Pa Last Wills – Last Wills – Purposes

A Last Will grants your Executor (Fiduciary) the ability to administer your Estate at your death.

Pa Last Wills – Last Wills – Fiduciary Traits

Your Executor should be able and willing, first and foremost

Your Executor under your Last Will should also be honest and diplomatic

Pa Last Wills – Last Wills – Common Misconceptions

The most common misconception that surrounds a Last Will is the process called Probate and the seemingly universal assumption that it should be avoided at all costs. Virtually to the contrary, the word Probate is merely the Latin infinitive verb that means to prove. Although some states do have onerous probate procedures (where the avoidance of probate may be a prudent strategy), Pennsylvania does not. In fact, probating your Last Will in Pennsylvania is very simple.

Another very common misconception that surrounds a Last Will is that it disposes of all of your assets at your death. Again, and virtually to the contrary, is the fact that your Last Will only disposes of your assets:

that are owned in your name alone and

that have no beneficiary designations

Consequently, items owned jointly with another, such as joint bank accounts, will be controlled by property law (and not by the laws governing Last Wills), and will pass to those joint owner(s) at your death. Items that have individual beneficiary designations, such as life insurance policies, will be controlled by contract law (and not by the laws governing Last Wills), and will pass to those individual designated beneficiaries at your death.